Triumph Financial (TFIN)


Market Price (10/29/2026): $63.59 | Market Cap: $1.5 BilSector: Financials | Industry: Regional Banks

Triumph Financial (TFIN)


Market Price (10/29/2026): $63.59
Market Cap: $1.5 Bil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -67%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%

Attractive yield
FCF Yield is 5.1%

Low stock price volatility
Vol 12M is 38%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Future of Freight. Themes include Digital Payments, Online Banking & Lending, Show more.

Weak multi-year price returns
2Y Excs Rtn is -63%, 3Y Excs Rtn is -78%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 30x

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1%

Key risks
TFIN key risks include [1] heightened credit risk from its deep concentration in the transportation sector, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -67%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%
2 Attractive yield
FCF Yield is 5.1%
3 Low stock price volatility
Vol 12M is 38%
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Future of Freight. Themes include Digital Payments, Online Banking & Lending, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -63%, 3Y Excs Rtn is -78%
6 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 30x
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1%
8 Key risks
TFIN key risks include [1] heightened credit risk from its deep concentration in the transportation sector, Show more.

TFIN in ETFs

Weight = TFIN's share of each fund

VTI0.00%
ITOT0.00%
IWM0.05%
IJR0.08%
VB0.01%
KRE0.54%
SLYV0.16%
IJS0.16%
+11 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/21/2026

Triumph Financial (TFIN) stock has lost about 20% since 6/30/2026 because of the following key factors:

1. Triumph Financial's (TFIN) fiscal Q3 2026 adjusted earnings per share (EPS) missed Wall Street expectations by a significant margin.

For the fiscal quarter ended September 30, 2026, Triumph Financial reported adjusted earnings of $0.54 per share, falling short of the consensus estimate of $0.60 per share, representing a 10% earnings surprise miss. While the company's revenue of $125.7 million surpassed analyst forecasts of $122.9 million, the bottom-line miss was a primary driver for the stock's negative trend.

2. The shortfall in fiscal Q3 2026 earnings was primarily due to higher credit loss provisions.

Triumph Financial's GAAP diluted EPS of $0.52, compared to an estimated $0.58, was mainly attributed to increased credit loss provisions. These provisions were specifically tied to commercial real estate (CRE) exposures within its banking segment. This indicates a company-specific concern regarding asset quality and potential future loan losses.

Show more
Updated on 10/21/2026

Triumph Financial (TFIN) stock has lost about 20% since 6/30/2026 because of the following key factors:

1. Triumph Financial's (TFIN) fiscal Q3 2026 adjusted earnings per share (EPS) missed Wall Street expectations by a significant margin.

For the fiscal quarter ended September 30, 2026, Triumph Financial reported adjusted earnings of $0.54 per share, falling short of the consensus estimate of $0.60 per share, representing a 10% earnings surprise miss. While the company's revenue of $125.7 million surpassed analyst forecasts of $122.9 million, the bottom-line miss was a primary driver for the stock's negative trend.

2. The shortfall in fiscal Q3 2026 earnings was primarily due to higher credit loss provisions.

Triumph Financial's GAAP diluted EPS of $0.52, compared to an estimated $0.58, was mainly attributed to increased credit loss provisions. These provisions were specifically tied to commercial real estate (CRE) exposures within its banking segment. This indicates a company-specific concern regarding asset quality and potential future loan losses.

3. The nonperforming loan (NPL) ratio rose in fiscal Q3 2026, highlighting deteriorating asset quality.

Further underscoring concerns about credit quality, Triumph Financial's nonperforming loan (NPL) ratio increased to 2.64% during fiscal Q3 2026. This rise in nonperforming assets suggests a growing proportion of loans are at risk of default, which directly impacts the company's profitability and investor confidence.

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Stock Movement Drivers

Fundamental Drivers

The -17.5% change in TFIN stock from 6/30/2026 to 10/28/2026 was primarily driven by a -47.8% change in the company's P/E Multiple.
(LTM values as of)630202610282026Change
Stock Price ($)76.3162.94-17.5%
Change Contribution By: 
Total Revenues ($ Mil)4284576.9%
Net Income Margin (%)7.4%11.0%48.7%
P/E Multiple57.329.9-47.8%
Shares Outstanding (Mil)2424-0.5%
Cumulative Contribution-17.5%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/28/2026
ReturnCorrelation
TFIN-17.5% 
Market (SPY)3.4%27.4%
Sector (XLF)4.7%31.6%

Fundamental Drivers

The 5.5% change in TFIN stock from 3/31/2026 to 10/28/2026 was primarily driven by a 84.0% change in the company's Net Income Margin (%).
(LTM values as of)331202610282026Change
Stock Price ($)59.6662.945.5%
Change Contribution By: 
Total Revenues ($ Mil)4244577.9%
Net Income Margin (%)6.0%11.0%84.0%
P/E Multiple55.929.9-46.6%
Shares Outstanding (Mil)2424-0.6%
Cumulative Contribution5.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/28/2026
ReturnCorrelation
TFIN5.5% 
Market (SPY)19.1%25.2%
Sector (XLF)14.1%33.6%

Fundamental Drivers

The 25.8% change in TFIN stock from 9/30/2025 to 10/28/2026 was primarily driven by a 238.2% change in the company's Net Income Margin (%).
(LTM values as of)930202510282026Change
Stock Price ($)50.0462.9425.8%
Change Contribution By: 
Total Revenues ($ Mil)4184579.3%
Net Income Margin (%)3.3%11.0%238.2%
P/E Multiple86.729.9-65.5%
Shares Outstanding (Mil)2424-1.3%
Cumulative Contribution25.8%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/28/2026
ReturnCorrelation
TFIN25.8% 
Market (SPY)16.9%31.6%
Sector (XLF)5.5%47.5%

Fundamental Drivers

The -2.9% change in TFIN stock from 9/30/2023 to 10/28/2026 was primarily driven by a -9.6% change in the company's Net Income Margin (%).
(LTM values as of)930202310282026Change
Stock Price ($)64.7962.94-2.9%
Change Contribution By: 
Total Revenues ($ Mil)4314576.2%
Net Income Margin (%)12.2%11.0%-9.6%
P/E Multiple28.629.94.5%
Shares Outstanding (Mil)2324-3.2%
Cumulative Contribution-2.9%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/28/2026
ReturnCorrelation
TFIN-2.9% 
Market (SPY)86.9%46.4%
Sector (XLF)76.6%53.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TFIN Return145%-59%64%13%-31%2%32%
Peers Return54%-16%31%-7%-10%31%84%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
TFIN Win Rate75%33%58%58%50%60% 
Peers Win Rate57%47%55%50%57%56% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
TFIN Max Drawdown-27%-63%-28%-22%-49%-26% 
Peers Max Drawdown-30%-38%-31%-28%-36%-23% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: WEX, CASS, LOB, SNDR, ARCB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/28/2026 (YTD)

How Low Can It Go

EventTFINS&P 500
2025 US Tariff Shock
  % Loss-35.0%-18.8%
  % Gain to Breakeven53.8%23.1%
  Time to Breakeven407 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-16.7%-9.5%
  % Gain to Breakeven20.0%10.5%
  Time to Breakeven26 days24 days
2023 SVB Regional Banking Crisis
  % Loss-25.6%-6.7%
  % Gain to Breakeven34.5%7.1%
  Time to Breakeven64 days31 days
2020 COVID-19 Crash
  % Loss-53.5%-33.7%
  % Gain to Breakeven114.9%50.9%
  Time to Breakeven214 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-28.0%-19.2%
  % Gain to Breakeven39.0%23.8%
  Time to Breakeven354 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-10.9%-12.2%
  % Gain to Breakeven12.2%13.9%
  Time to Breakeven22 days62 days

Compare to WEX, CASS, LOB, SNDR, ARCB

In The Past

Triumph Financial's stock fell -35.0% during the 2025 US Tariff Shock. Such a loss loss requires a 53.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventTFINS&P 500
2025 US Tariff Shock
  % Loss-35.0%-18.8%
  % Gain to Breakeven53.8%23.1%
  Time to Breakeven407 days79 days
2023 SVB Regional Banking Crisis
  % Loss-25.6%-6.7%
  % Gain to Breakeven34.5%7.1%
  Time to Breakeven64 days31 days
2020 COVID-19 Crash
  % Loss-53.5%-33.7%
  % Gain to Breakeven114.9%50.9%
  Time to Breakeven214 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-28.0%-19.2%
  % Gain to Breakeven39.0%23.8%
  Time to Breakeven354 days105 days

Compare to WEX, CASS, LOB, SNDR, ARCB

In The Past

Triumph Financial's stock fell -35.0% during the 2025 US Tariff Shock. Such a loss loss requires a 53.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Triumph Financial (TFIN)

Triumph Financial (TFIN) operates as a financial holding company primarily through its subsidiary, TBK Bank, SSB. The company specializes in providing a broad array of banking and commercial finance products and services. Its primary customer base includes retail customers and small-to-mid-sized businesses located throughout the United States, addressing their diverse financial needs.

The company's core offerings encompass traditional banking services, including various depository products such as checking, savings, money market accounts, and certificates of deposit. On the lending side, Triumph Financial extends commercial and industrial loans, loans for capital equipment, working capital, and asset-based financing. It also provides a range of real estate loans for commercial properties, construction, and land development, alongside agriculture, residential, mortgage warehouse, and consumer loans.

Beyond conventional banking, TFIN offers specialized financial solutions like factoring services for both the transportation and non-transportation sectors, assisting businesses with their accounts receivable. Additional services include debit cards, electronic banking, trust, treasury management, and insurance brokerage. The company maintains a physical presence through a network of branches across Iowa, Illinois, Colorado, New Mexico, and Kansas, complemented by a deposit-gathering office in Dallas, Texas.

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  • It's a regional bank similar to PNC or Truist, but with a significant specialized focus on commercial finance, especially factoring services for small-to-mid-sized businesses.
  • Think of it as a financial partner highly specialized in the trucking and transportation industry, like a KeyCorp that's become the go-to for transporters' banking and factoring needs.

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  • Depository Products: Triumph Financial offers various depository products including checking, savings, money market accounts, and certificates of deposit.
  • Commercial & Industrial Loans: The company provides loans to businesses for working capital, operational purposes, capital equipment purchases, and other commercial needs.
  • Commercial Real Estate Loans: Triumph Financial offers financing for commercial properties, including construction, land, and land development projects.
  • Factoring Services: The company provides factoring services, purchasing accounts receivable from businesses primarily in the transportation and non-transportation sectors.
  • Residential Real Estate Loans: Triumph Financial offers loans to individuals for the purchase or refinancing of residential properties.
  • Consumer Loans: The company provides various loans directly to consumers for personal expenses and needs.
  • Treasury Management & Electronic Banking Services: Businesses can utilize electronic banking, trust, and treasury management services to manage their finances efficiently.
  • Debit Cards: Triumph Financial issues debit cards to facilitate electronic transactions and access funds from customer accounts.
  • Insurance Brokerage Services: The company offers insurance brokerage services to help clients find and secure appropriate insurance coverage.

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Triumph Financial (symbol: TFIN) does not have a few specific "major customers" that are large, identifiable companies. As a financial holding company operating a bank and commercial finance services, its customer base is highly diversified, consisting of numerous individuals and small-to-mid-sized businesses across various sectors. Therefore, its customers are best described by categories rather than specific names.

Based on the company description, Triumph Financial primarily serves the following customer categories:

  1. Individual Consumers (Retail Customers): This category includes individuals who utilize the bank's services such as checking, savings, and money market accounts, certificates of deposit, residential real estate loans, and other consumer loans.
  2. Small to Mid-sized Businesses (General Commercial): This broad category encompasses a wide array of businesses that seek commercial and industrial loans, capital equipment financing, working capital loans, asset-based loans, commercial real estate loans, and treasury management services for their operational and growth needs.
  3. Businesses in Specialized Commercial Sectors: Triumph Financial also targets specific business segments with tailored financial products. This includes companies in the transportation and non-transportation sectors utilizing factoring services, agriculture businesses seeking agriculture loans, commercial construction and land development companies, and mortgage originators requiring mortgage warehouse loans.

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Here is the management team for Triumph Financial: Aaron P. Graft, Chief Executive Officer and President Mr. Graft is the Founder, Vice Chairman, and Chief Executive Officer of Triumph Financial, Inc. He also holds positions as Vice Chairman, Chief Executive Officer, and Public Information Officer of TBK Bank, SSB, Chairman of Triumph Financial Services LLC, and Vice Chairman of Triumph Insurance Group, Inc.. Before establishing Triumph Financial, Mr. Graft served as the Founder and President of Triumph Land and Capital Management, LLC, where he managed various multi-family and commercial real estate projects in receivership and led the acquisition of distressed debt portfolios secured by multi-family assets.. Earlier in his career, he worked at Fulbright & Jaworski, LLP (now Norton Rose Fulbright LLP), specializing in distressed loan workouts.. Mr. Graft led a team of investors to acquire EJ Financial and its banking arm, Equity Bank, in 2010, which was a pivotal moment in the company's formation and rebranding to Triumph Bancorp.. W. Bradley Voss, Executive Vice President and Chief Financial Officer Mr. Voss is the Executive Vice President and Chief Financial Officer of Triumph Financial, Inc. and TBK Bank, SSB.. He joined Triumph in a consulting capacity in 2011 and has served in various finance roles since joining full-time in 2012, becoming CFO in 2021.. Prior to his current role, he led balance sheet strategy, capital issuance, investments, liquidity, and funding as the company's Senior Vice President and Treasurer from 2015 to 2019, and Executive Vice President and Treasurer from 2019 to 2021.. Before joining Triumph, Mr. Voss was a Senior Vice President and Portfolio Manager at CSG Investments, an affiliate of Beal Bank, where he focused on sourcing, analyzing, and executing investments in distressed securities.. He also served as a Portfolio Manager for Highland Capital Management, L.P.. Edward J. Schreyer, Executive Vice President, Chief Operating Officer Mr. Schreyer serves as the Executive Vice President and Chief Operating Officer for Triumph Financial, Inc. and TBK Bank, SSB.. Todd Ritterbusch, President, Payments & Banking Mr. Ritterbusch holds the title of President, Payments and Banking at Triumph Financial, Inc. and is also President of TBK Bank, SSB.. He joined TBK Bank in 2019 as Chief Lending Officer and has over 20 years of banking experience.. Before his time at TBK Bank, Mr. Ritterbusch was a managing director and market executive in JPMorgan Chase's commercial bank, where he managed a team of commercial bankers serving middle market clients.. Adam D. Nelson, Executive Vice President, General Counsel, and Secretary Mr. Nelson is the Executive Vice President, General Counsel, and Secretary for Triumph Financial, Inc. and TBK Bank, SSB..

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The key risks for Triumph Financial (TFIN) primarily stem from its specialized exposure to the transportation sector, coupled with inherent financial industry risks.

  1. Freight Cycle Volatility and Dependence on the Transportation Sector: Triumph Financial has a significant portion of its business, particularly its Factoring and Payments segments, deeply embedded in the for-hire trucking ecosystem. Prolonged periods of soft freight rates, reduced tender rejections, or other downturns in the transportation industry can directly impact carrier liquidity and elevate credit losses for Triumph Financial. This volatility can also lead to slower revenue growth or even declines, as companies in the sector become less likely to invest in new services or require factoring.

  2. Credit Risk: As a financial institution offering various commercial and industrial loans, real estate loans, and factoring services, Triumph Financial is inherently exposed to credit risk. Economic downturns or specific challenges within the industries it serves, such as the transportation sector, can lead to increased loan defaults and credit losses. A notable example involved a significant loan exposure to Tricolor Holdings, LLC, which filed for Chapter 7 bankruptcy, highlighting the company's vulnerability to such events.

  3. Interest Rate and Funding Risk: Like other financial holding companies, Triumph Financial's profitability is sensitive to fluctuations in interest rates. Changes in interest rates can compress net interest margins, impact the cost of its funding, and affect the valuation of its assets and liabilities. This risk is a consistent factor for banking operations and can influence overall financial performance.

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Disruptive fintech platforms and digital payment solutions targeting the supply chain finance and factoring market. These emerging platforms aim to streamline payments, offer instant financing directly to businesses (particularly in logistics and transportation), and reduce the need for traditional factoring services through automation, real-time payment capabilities, and improved supply chain transparency. This could disintermediate Triumph Financial's significant Factoring segment by providing a more efficient, lower-cost, and digitally integrated alternative for working capital management.

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Here are the addressable market sizes for Triumph Financial's main products and services in the United States:
  • Commercial Banking: The U.S. commercial banking market was estimated to be between approximately $732.5 billion in 2025 and $1.6 trillion in 2025, with projections to reach between $915.45 billion by 2030 and $1.6 trillion in 2026, respectively.
  • Retail Banking: The U.S. retail banking market was valued at around $0.87 trillion in 2025, with other estimates placing it at $1.28 trillion in 2025. It is projected to grow to approximately $1.08 trillion by 2030 or $1.11 trillion by 2031.
  • Commercial Real Estate Lending: Total commercial real estate mortgage borrowing and lending in the U.S. was estimated at $498 billion in 2024.
  • Factoring Services: The U.S. factoring services market size was valued at approximately $171.98 billion in 2024 and is projected to reach between $287.61 billion and $300.59 billion by 2030. The transportation and logistics sector alone accounted for a 33.47% revenue share in the U.S. factoring services market in 2024, with an estimated $90 billion annually for trucking companies and brokerages.
  • Payments (Digital Payments): The United States digital payment market was valued at approximately $3.06 trillion in 2024 and is expected to grow to $9.29 trillion by 2033. Another estimate places the U.S. payments market size at $1.5 trillion in 2025, projected to reach $3.35 trillion by 2031.
  • Asset-Based Lending: The U.S. asset-based lending market was estimated at $191 billion in 2024. The broader asset-based lending market (globally or including a broader scope) was valued at approximately $701 billion in 2024 and is projected to reach $1.3 trillion by 2030.
  • Equipment Finance: The U.S. equipment finance industry was estimated to be $1.34 trillion in 2023 and is projected to grow to $1.4 trillion in 2024, with expectations to reach nearly $1.5 trillion in the next three years.
  • Insurance Brokerage Services: The market size of Insurance Brokers & Agencies in the U.S. was $260.1 billion in 2024, with projections to reach $261.7 billion in 2025.

For Premium Finance Loans, specific addressable market size data was not identified and therefore is returned as null.

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Here are 3-5 expected drivers of future revenue growth for Triumph Financial (TFIN) over the next 2-3 years:

  1. Growth and Repricing within the Payments Segment: Triumph Financial anticipates significant revenue growth from its Payments segment, particularly through its TriumphPay and LoadPay offerings. This growth is expected to be driven by acquiring new customers, including large freight logistics companies, and by implementing enhanced pricing strategies for legacy clients. LoadPay, in particular, is projected to triple its annualized revenue in 2026 by increasing both the number of accounts and the revenue generated per account. The company expects its core payments business to see continued revenue growth as it holds expenses relatively flat while expanding its customer base.
  2. Expansion and Cross-selling of Intelligence Segment Solutions: The Intelligence segment is forecast to be the fastest-growing part of Triumph Financial's transportation businesses on a percentage basis. A key driver here is the substantial opportunity for cross-selling intelligence solutions to existing audit and payment customers, as currently only a small percentage utilize these services. The integration of acquisitions like Greenscreens also contributes to transactional volume and intelligence revenue.
  3. Factoring Segment Growth through Automation and Organic Customer Acquisition: Triumph Financial aims for a 20% annual growth rate in its Factoring revenue. This growth will be supported by technological advancements such as automation and instant decision models, which improve efficiency and margin expansion. The company also expects to achieve this by organically increasing its customer base and deepening relationships with existing clients, even in a flat freight market.
  4. Enhanced Monetization of the Integrated Transportation Financial Network: Triumph Financial's strategic focus on an integrated ecosystem across its Factoring, Payments, and Intelligence segments allows it to monetize each transaction multiple times. This comprehensive approach is designed to capture various revenue streams, including fee revenue, financing revenue, float revenue, spend revenue, and subscription revenue, by leveraging the density and synergies within its network. This integrated strategy is fundamental to achieving the company's target of 20% annual revenue growth across its transportation businesses.

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Share Repurchases

  • On October 15, 2025, Triumph Financial's board of directors authorized a share repurchase program, allowing the company to buy back up to $30 million of its outstanding common stock. As of December 31, 2025, no shares had been repurchased under this program.
  • The company completed an accelerated share repurchase transaction on April 28, 2023, repurchasing 1,209,327 shares of its common stock for a total cost of $70 million.
  • Following the completion of the accelerated share repurchase in 2023, the board authorized a new share repurchase program on May 4, 2023, allowing for the repurchase of up to an additional $50 million of common stock.

Share Issuance

  • In 2025, the number of outstanding shares for Triumph Financial increased to 23.75 million, up from 23.33 million in 2024.
  • As part of the acquisition of Greenscreens.ai in February 2025, Triumph Financial issued $20 million in TFIN stock.

Outbound Investments

  • In February 2025, Triumph Financial announced an agreement to acquire Greenscreens.ai for $160 million, comprising $140 million in cash and $20 million in TFIN stock, to enhance its freight pricing intelligence solutions.
  • The company also acquired Isometric Technologies Inc. in 2024, alongside Greenscreens.ai in 2025, as strategic moves to bolster its data intelligence capabilities.

Capital Expenditures

  • Triumph Financial invested $2.0 million in capital expenditures during the third quarter of 2025.
  • In the last 12 months leading up to March 2026, capital expenditures were reported at -$16.45 million, resulting in a free cash flow of $50.62 million.
  • In December 2025, Triumph Financial sold a building in Dallas, Texas, originally intended for its headquarters, for $64.0 million in cash, resulting in an $8.7 million gain on sale.

Peer Outperformance in Regional Banks

TFIN has trailed 97% of its 264 Regional Banks peers over 5Y. Among the peers that beat it are FBP, OFG and BPOP. Regional Banks ranks 7th of 18 industries in Financials by median 5Y return.
Share of Regional Banks constituents that TFIN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
9%
of 285 industry peers · 7.2% return
3Y
3%
of 275 industry peers · 5.4% return
5Y
3%
of 264 industry peers · -45.2% return
Regional Banks peers with revenue growth within 4pp of TFIN's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
TFIN Triumph Financial 2.6% 29.9x 7.2%5.4%-45.2% —
FBP First BanCorp 2.9% 11.0x 40.0%124.9%127.0% +172pp
OFG OFG Bancorp 4.5% 9.8x 33.2%87.4%125.4% +171pp
BPOP Popular 2.8% 10.4x 43.7%163.6%123.5% +169pp
BANF BancFirst 5.4% 14.8x 1.1%44.6%87.1% +132pp
EWBC East West Bancorp 6.3% 12.5x 33.6%170.3%86.5% +132pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is TFIN's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 34.8%72.3%116.9% SPNT 169% · RGA 140% · RNR 137%
Investment Banking & Brokerage 13 -10.3%107.9%99.8% IBKR 386% · SNEX 175% · HOOD 158%
Diversified Banks 12 29.9%162.0%88.9% CM 144% · RY 129% · JPM 125%
Life & Health Insurance 20 16.3%54.8%80.0% JXN 510% · UNM 287% · MFC 184%
Property & Casualty Insurance 41 16.7%74.7%63.3% TRV 168% · PGR 163% · ACGL 156%
Multi-line Insurance 9 6.9%67.4%58.9% GNW 106% · L 99% · AIZ 89%
Regional Banks ← 265 30.6%101.4%54.9% CBC 247% · FCNCA 187% · NIC 148%
Multi-Sector Holdings 3 3.6%62.9%53.2% BRK-B 87% · VOYA 53% · JEF 35%
Financial Exchanges & Data 15 3.3%41.5%22.8% CBOE 161% · VIRT 156% · CME 66%
Insurance Brokers 15 -1.5%9.6%17.7% LIFE 384% · ARX 89% · AJG 67%
Asset Management & Custody Banks 85 -12.0%23.3%8.4% WT 274% · VCTR 251% · AAMI 220%
Consumer Finance 30 2.5%82.6%5.4% ENVA 455% · FCFS 122% · AXP 94%
Diversified Financial Services 4 -6.0%20.6%4.8% FRHC 166% · EQH 84%
Commercial & Residential Mortgage Finance 14 -53.6%28.1%-1.6% FNMA 372% · FMCC 318% · ACT 160%
Specialized Finance 3 10.3%42.3%-9.6% CACC -10% · HASI -23%
Mortgage REITs 34 -19.4%-2.7%-33.7% RITM 35% · DX 21% · AGNC 12%
Transaction & Payment Processing Services 17 2.8%15.9%-38.5% V 98% · MA 89% · CPAY 57%
Diversified Capital Markets 20 -49.5%20.9%-60.1% LPLA 58% · TW 40% · RIOT -48%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

TFINWEXCASSLOBSNDRARCBMedian
NameTriumph .WEX Cass Inf.Live Oak.Schneide.ArcBest  
Mkt Price63.61190.2553.9334.8129.70125.8158.77
Mkt Cap1.56.60.71.65.22.82.2
Rev LTM4572,7921895675,8194,2041,679
Op Inc LTM-711--177129177
FCF LTM775042237208173125
FCF 3Y Avg25270347512811193
CFO LTM11326349253634282258
CFO 3Y Avg8144543108655290199

Growth & Margins

TFINWEXCASSLOBSNDRARCBMedian
NameTriumph .WEX Cass Inf.Live Oak.Schneide.ArcBest  
Rev Chg LTM8.5%7.5%8.2%13.7%6.2%3.7%7.9%
Rev Chg 3Y Avg2.6%4.3%1.1%12.0%-0.8%-3.2%1.9%
Rev Chg Q14.4%14.3%13.6%9.6%10.4%15.9%13.9%
QoQ Delta Rev Chg LTM3.6%3.5%3.3%2.4%2.6%4.0%3.4%
Op Inc Chg LTM-6.5%---3.3%12.1%6.5%
Op Inc Chg 3Y Avg-4.3%---18.8%-17.1%-17.1%
Op Mgn LTM-25.5%--3.0%3.1%3.1%
Op Mgn 3Y Avg-25.5%--3.1%3.5%3.5%
QoQ Delta Op Mgn LTM-0.8%--0.2%0.7%0.7%
CFO/Rev LTM24.8%9.4%25.7%44.7%10.9%6.7%17.8%
CFO/Rev 3Y Avg18.7%16.8%24.3%20.0%11.8%6.9%17.7%
FCF/Rev LTM16.8%1.8%22.1%41.9%3.6%4.1%10.4%
FCF/Rev 3Y Avg5.5%10.2%19.5%13.1%2.3%2.6%7.9%

Valuation

TFINWEXCASSLOBSNDRARCBMedian
NameTriumph .WEX Cass Inf.Live Oak.Schneide.ArcBest  
Mkt Cap1.56.60.71.65.22.82.2
P/S3.32.43.62.80.90.72.6
P/Op Inc-9.3--29.521.921.9
P/EBIT-9.2--28.980.328.9
P/E30.218.818.811.546.6172.524.5
P/CFO13.425.114.26.48.210.011.7
Total Yield3.3%5.3%7.7%9.0%3.4%1.0%4.4%
Dividend Yield0.0%0.0%2.4%0.3%1.3%0.4%0.4%
FCF Yield 3Y Avg1.9%4.3%5.8%3.9%2.5%4.5%4.1%
D/E0.10.80.10.10.10.20.1
Net D/E-0.7-0.1-0.2-1.10.00.1-0.2

Returns

TFINWEXCASSLOBSNDRARCBMedian
NameTriumph .WEX Cass Inf.Live Oak.Schneide.ArcBest  
1M Rtn4.9%7.4%-0.6%-5.3%-5.9%-1.0%-0.8%
3M Rtn-16.2%1.0%-3.2%-18.4%-15.5%-11.0%-13.3%
6M Rtn-4.8%23.0%17.3%-7.8%-1.6%-0.8%-1.2%
12M Rtn8.3%19.8%38.7%8.2%32.6%72.3%26.2%
3Y Rtn6.5%16.5%57.7%24.8%24.0%24.9%24.4%
1M Excs Rtn4.8%10.0%-0.4%-6.0%-8.1%-3.3%-1.9%
3M Excs Rtn-18.0%-2.1%-6.8%-22.1%-16.9%-15.5%-16.2%
6M Excs Rtn-13.4%14.4%8.8%-16.4%-10.2%-9.3%-9.7%
12M Excs Rtn-5.9%5.5%26.6%-6.6%18.1%55.9%11.8%
3Y Excs Rtn-78.0%-81.1%-25.3%-56.1%-65.8%-48.0%-60.9%

Comparison Analyses

null

FDIC Bank Data

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Banking234254272246214
Factoring119111114210198
Payments6856413619
Corporate and Other11-5-9-8-7
Intelligence7000 
Total439416418485424


Operating Income by Segment
$ Mil201520142013
Banking17296
Asset Management14  
Factoring1285
Corporate and Other-5-74
Total383016


Assets by Segment
$ Mil20252024202320222021
Banking4,4805,4434,9194,9325,569
Factoring1,3351,1861,0771,2501,679
Corporate and Other1,0891,1201,0571,0401,010
Payments775590547372293
Intelligence12010   
Eliminations-1,419-2,401-2,252-2,260-2,595
Total6,3815,9495,3475,3345,956


Price Behavior

Price Behavior
Market Price$62.94 
Market Cap ($ Bil)1.5 
First Trading Date11/07/2014 
Distance from 52W High-22.4% 
   50 Days200 Days
DMA Price$65.18$67.30
DMA Trenddownindeterminate
Distance from DMA-3.4%-6.5%
 3M1YR
Volatility23.6%38.2%
Downside Capture156.65112.17
Upside Capture37.71102.86
Correlation (S&P 500)34.0%33.3%
TFIN Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.270.910.830.711.021.28
Up Beta-0.931.130.860.381.251.28
Down Beta1.730.730.330.421.041.21
Up Capture-60%5%31%72%93%150%
Bmk +ve Days6162766132424
Stock +ve Days5132463127371
Down Capture218%229%173%112%94%109%
Bmk -ve Days16263760120328
Stock -ve Days17294063125379

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TFIN
TFIN5.7%38.2%0.22-
Sector ETF (XLF)6.6%14.5%0.2052.2%
Equity (SPY)13.7%12.7%0.7233.4%
Gold (GLD)1.8%28.3%0.056.0%
Commodities (DBC)48.4%20.6%1.80-15.5%
Real Estate (VNQ)2.8%13.9%-0.0536.5%
Bitcoin (BTCUSD)-29.4%43.4%-0.6815.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TFIN
TFIN-11.5%43.3%-0.15-
Sector ETF (XLF)8.7%18.3%0.3457.9%
Equity (SPY)12.7%17.1%0.5653.3%
Gold (GLD)17.5%18.9%0.742.9%
Commodities (DBC)9.1%19.5%0.353.6%
Real Estate (VNQ)0.6%18.9%-0.0846.8%
Bitcoin (BTCUSD)4.1%51.6%0.2625.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TFIN
TFIN11.9%43.5%0.41-
Sector ETF (XLF)13.2%22.1%0.5463.8%
Equity (SPY)15.5%17.9%0.7354.9%
Gold (GLD)12.0%16.4%0.60-1.4%
Commodities (DBC)8.2%18.1%0.3715.0%
Real Estate (VNQ)5.0%20.7%0.2048.7%
Bitcoin (BTCUSD)62.3%66.2%1.0217.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity2.2 Mil
Short Interest: % Change Since 9302026-2.8%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest8.4 days
Basic Shares Quantity23.9 Mil
Short % of Basic Shares9.2%

Earnings Returns History

Updated 10/29/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/21/20260.4%1.5% 
7/21/20262.4%-2.7%-6.4%
4/21/2026-6.3%0.8%-2.4%
1/26/2026-7.2%-9.3%-17.1%
10/15/20257.1%27.3%10.7%
7/16/2025-2.5%1.0%-13.1%
4/16/2025-2.7%4.0%22.8%
1/22/2025-14.3%-15.9%-26.6%
...
SUMMARY STATS   
# Positive91213
# Negative161311
Median Positive3.2%4.3%12.0%
Median Negative-4.9%-4.6%-10.8%
Max Positive7.1%27.3%30.0%
Max Negative-14.3%-23.0%-26.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/21/20260.4%1.5% 
7/21/20262.4%-2.7%-6.4%
4/21/2026-6.3%0.8%-2.4%
1/26/2026-7.2%-9.3%-17.1%
10/15/20257.1%27.3%10.7%
7/16/2025-2.5%1.0%-13.1%
4/16/2025-2.7%4.0%22.8%
1/22/2025-14.3%-15.9%-26.6%
10/16/20244.8%6.8%21.1%
7/17/2024-12.0%-7.2%-10.8%
4/17/2024-8.1%-4.6%3.2%
1/23/2024-3.6%-4.3%-0.8%
10/19/20235.7%5.1%22.7%
7/20/2023-2.6%3.6%-4.8%
4/25/2023-1.5%-3.2%4.4%
1/25/20234.0%12.2%17.6%
10/19/2022-8.0%-6.2%7.1%
7/20/20223.2%4.6%8.5%
4/20/2022-7.4%-13.8%-18.3%
1/20/2022-9.1%-23.0%-10.7%
10/20/2021-2.3%0.2%17.6%
7/21/2021-0.5%-1.0%6.0%
4/21/2021-2.8%-1.0%-11.3%
1/21/20212.0%-0.7%30.0%
10/19/20202.5%4.6%12.0%
SUMMARY STATS   
# Positive91213
# Negative161311
Median Positive3.2%4.3%12.0%
Median Negative-4.9%-4.6%-10.8%
Max Positive7.1%27.3%30.0%
Max Negative-14.3%-23.0%-26.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202610/21/202610-Q
06/30/202607/21/202610-Q
03/31/202604/21/202610-Q
12/31/202502/11/202610-K
09/30/202510/15/202510-Q
06/30/202507/16/202510-Q
03/31/202504/16/202510-Q
12/31/202402/11/202510-K
09/30/202410/16/202410-Q
06/30/202407/17/202410-Q
03/31/202404/17/202410-Q
12/31/202302/13/202410-K
09/30/202310/19/202310-Q
06/30/202307/20/202310-Q
03/31/202304/25/202310-Q
12/31/202202/15/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202610/21/202610-Q
06/30/202607/21/202610-Q
03/31/202604/21/202610-Q
12/31/202502/11/202610-K
09/30/202510/15/202510-Q
06/30/202507/16/202510-Q
03/31/202504/16/202510-Q
12/31/202402/11/202510-K
09/30/202410/16/202410-Q
06/30/202407/17/202410-Q
03/31/202404/17/202410-Q
12/31/202302/13/202410-K
09/30/202310/19/202310-Q
06/30/202307/20/202310-Q
03/31/202304/25/202310-Q
12/31/202202/15/202310-K
09/30/202210/19/202210-Q
06/30/202207/20/202210-Q
03/31/202204/20/202210-Q
12/31/202102/14/202210-K
09/30/202110/20/202110-Q
06/30/202107/21/202110-Q
03/31/202104/21/202110-Q
12/31/202002/12/202110-K
09/30/202010/20/202010-Q
06/30/202008/10/202010-Q
03/31/202004/21/202010-Q
12/31/201902/11/202010-K

Recent Forward Guidance

Updated 10/26/2026

Latest: Q3 2026 Earnings Reported 10/21/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Core ExpenseReported 100.00 Mil 1.0% Higher NewGuidance: 99.00 Mil for Q3 2026
2026 Carrier Payment DisbursementsReported 79.00 Bil    
2026 Payments Segment Carrier DisbursementsReported 61.00 Bil    
2026 Factoring Segment Carrier DisbursementsReported 18.00 Bil    
2027 Run-Rate Expense EfficienciesReported20.00 Mil20.00 Mil    
2027 Total Non-Interest ExpensesReported 400.00 Mil400.00 Mil   
2027 EPSReported 3.5    


Prior: Q2 2026 Earnings Reported 7/21/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Core ExpensesReported 99.00 Mil    
2026 Core ExpensesReported 98.00 Mil 1.6% RaisedGuidance: 96.50 Mil for 2026

Q1 2026 Earnings Reported 4/21/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Incremental Annualized RevenueReported 10.00 Mil    
Q2 2026 ExpensesReported 97.00 Mil    
2026 LoadPay Account GrowthReported 120.0%    
2026 Loan GrowthReported 0.0%    
2026 Factoring Revenue GrowthReported10.0%11.5% -11.5%-1.5%LoweredGuidance: 13.0% for 2026
2026 Core Payments Revenue GrowthReported 20.0%    
2026 LoadPay Revenue GrowthReported 150.0% -25.0%-50.0%LoweredGuidance: 200.0% for 2026
2026 Intelligence Gross MarginReported 85.0%    
2026 Factoring Operating MarginReported 40.0%    
2026 Core Payments EBITDA MarginReported 40.0%    

Q4 2025 Earnings Reported 1/26/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 ExpensesReported 99.00 Mil    
Q1 2026 Payments Revenue GrowthReported 5.0%    
Q1 2026 Payments EBITDA Margin (ex-LoadPay)Reported 30.0%    
Q4 2026 ExpensesReported 96.50 Mil    
2026 Transportation Revenue GrowthReported 20.0%  0.0%Same NewActual: 20.0% for 2025
2026 Factoring Revenue GrowthReported 13.0%    
2026 Payments Revenue GrowthReported 25.0%    
2026 Intelligence Revenue GrowthReported 50.0%    
2026 LoadPay Revenue GrowthReported 200.0%    

Insider Activity

Updated 8/21/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Schreyer, Edward JosephEVP, Chief Operating OfficerDirectSell821202673.752,900213,8751,145,632Form
2Nelson, Adam DEVP and General CounselDirectSell805202679.053,750296,4381,877,833Form
3Schreyer, Edward JosephEVP, Chief Operating OfficerDirectSell526202666.702,900193,4301,229,548Form
4Ritterbusch, ToddPresident - TBK Bank, SSBDirectBuy511202667.017,000469,0701,528,096Form
5Voss, William BChief Financial OfficerDirectSell312202659.5742725,436759,934Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Schreyer, Edward JosephEVP, Chief Operating OfficerDirectSell821202673.752,900213,8751,145,632Form
2Nelson, Adam DEVP and General CounselDirectSell805202679.053,750296,4381,877,833Form
3Schreyer, Edward JosephEVP, Chief Operating OfficerDirectSell526202666.702,900193,4301,229,548Form
4Ritterbusch, ToddPresident - TBK Bank, SSBDirectBuy511202667.017,000469,0701,528,096Form
5Voss, William BChief Financial OfficerDirectSell312202659.5742725,436759,934Form
6Graft, Aaron PPresident & CEODirectBuy302202655.878,949499,9818,334,798Form
7Nelson, Adam DEVP and General CounselDirectSell1219202565.183,000195,5401,618,550Form
8Schreyer, Edward JosephEVP, Chief Operating OfficerDirectSell904202560.437,275439,6281,082,845Form
9Nelson, Adam DEVP and General CounselDirectSell826202560.393,500211,3651,680,774Form
10Graft, Aaron PPresident & CEODirectSell826202560.186,500391,1708,699,500Form

Investor Activity (13F)

Updated Oct 29, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
AltraVue Capital, LLC$85.4 Mil7.4%49TRIM -5.6%13F
Investment Management Associates Inc /Adv$21.1 Mil5.7%27Hold13F
Luxor Capital Group, LP$13.9 Mil2.2%38TRIM -68.6%13F
Philadelphia Financial Management of San Francisco, LLC$6.6 Mil2.1%42New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Philadelphia Financial Management of San Francisco, LLC$6.6 Mil2.1%42New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Luxor Capital Group, LP$13.9 Mil2.2%38TRIM -68.6%13F
AltraVue Capital, LLC$85.4 Mil7.4%49TRIM -5.6%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
AltraVue Capital, LLC$85.4 Mil7.4%49TRIM -5.6%13F
Investment Management Associates Inc /Adv$21.1 Mil5.7%27Hold13F
Luxor Capital Group, LP$13.9 Mil2.2%38TRIM -68.6%13F
Philadelphia Financial Management of San Francisco, LLC$6.6 Mil2.1%42New13F
Core Cache Last Updated: 10/28/2026